A $500,000 reward will be offered by Bernie Ecclestone to any Formula One staff who blow the whistle on their team cheating.

Ecclestone wants to introduce a budget cap which could be $250million (£156m) a year for teams to spend on anything to do with racing .

The F1 powerbroker plans to make senior team officials and owners sign up to a contract which would punish them with fines of at least $1m (£624,000) if it is proved they had overspent the budget, which he feels is the fairest way to curb excesses in tough times.

“My budget cap allows them to spend what they like on anything within that limit ,” said Ecclestone, in Abu Dhabi for tomorrow’s grand prix.

An incentive of $500,000 [£312,000] might encourage people to speak out